Zions Bancorporation, N.A. has seen its price target elevated from $62.00 to $67.00, according to a research note published by JPMorgan Chase & Co.. This adjustment reflects a neutral rating on the bank’s stock, indicating a stable outlook for investors. The news was reported on Tuesday by Benzinga, highlighting a growing confidence in the bank’s financial prospects.
A number of other equities research analysts have also weighed in on Zions Bancorporation. On September 10, Cantor Fitzgerald initiated coverage with an “overweight” rating and set a target price of $64.00. Subsequently, Bank of America upgraded its stance from “underperform” to “neutral”, increasing its price target from $59.00 to $62.00 on October 23, 2023.
Additionally, on October 17, 2023, Robert W. Baird improved its rating from “neutral” to “outperform” with a price target of $65.00. Around the same time, Evercore ISI raised its target price from $61.00 to $65.00 while maintaining an “outperform” rating. Presently, two analysts have rated the stock as a Strong Buy, seven have given it a Buy rating, and thirteen have assigned a Hold rating. Only one analyst issued a Sell rating. According to data from MarketBeat.com, Zions Bancorporation holds a consensus rating of “Hold” with an average price target of $61.35.
Financial Performance and Dividends
Zions Bancorporation recently reported its quarterly earnings on June 12, revealing earnings per share (EPS) of $1.32. The bank achieved a return on equity of 13.56% and a net margin of 17.22%, with total revenue reaching approximately $705.00 million for the quarter. Analysts project an EPS of 5.39 for the current fiscal year, suggesting continued growth.
The company also declared a quarterly dividend of $0.45 per share, which was paid on November 20, 2023, to shareholders on record as of November 13, 2023. This dividend represents an annualized payout of $1.80 and a yield of 3.0%. The ex-dividend date was also set for November 13, 2023. Currently, Zions Bancorporation’s payout ratio stands at 32.26%.
Insider Activity and Institutional Investments
In related news, Jennifer Anne Smith, Executive Vice President, sold 2,458 shares of Zions Bancorporation stock on October 27, 2023, at an average price of $53.11. The total value of this transaction was approximately $130,544.38. Following this sale, Smith retains ownership of 27,133 shares, valued at around $1,441,033.63. This transaction represented an 8.31% reduction in her holdings. Details of the sale were disclosed in a filing with the U.S. Securities and Exchange Commission (SEC).
Recent institutional activity indicates a significant interest in Zions Bancorporation. Traub Capital Management LLC acquired a new stake worth approximately $31,000 in the second quarter. Similarly, Assetmark Inc. increased its holdings by 75.3%, now owning 673 shares valued at about $35,000. Other hedge funds, including Community Bank N.A. and Steph & Co., have also made new investments in the bank.
Currently, institutional investors and hedge funds own approximately 76.84% of Zions Bancorporation’s stock, indicating strong backing from major financial entities.
Zions Bancorporation provides a range of banking products and services across several states, including Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The bank operates through various segments, including Zions Bank, California Bank & Trust, Amegy Bank, and others, reflecting its extensive regional presence and diversified offerings.
